Tsys trading weaker, near recent....>

US TSYS SUMMARY: Tsys trading weaker, near recent lows, oddly risk-on tone

w/equities higher -- likely due to the limited response/react from Syria, Russia

after US/French/UK coordinated missile strike against Syrian chem sites. 

- March retail sales (-0.1% prior, 0.3% estimate) at 0830ET. Multiple Fed

speakers through wk ahead media black-out period (April 21 to May 3). US$ index

weaker (DXY -.253, 89.547); equities stronger (emini +15.0, 2672.25); gold

softer (XAU -1.15, 1344.27); West Texas crude off highs (-.81, 66.58).

- Asia, Tsys opened weaker, traded narrow band into London crossover on modest

volume, flow 2-way after initial fast- and real$ selling in belly.

- London, extended low end of range in early London trade, some FX-acct selling,

two-way in 10s from real$ and bank portfolios, light deal-tied selling in mix.

- Swaps, spds running mildly tighter across the curve. Modest flow includes some

2-way in 2s around 2.690%, 2s/4s flatteners, fast$ paying in the intermediates.

- Eurodollar futures, trading mostly weaker, mild short end bounce after 3M

LIBOR set +0.0023 to 2.3551% (+0.0154 last wk), implying mkt anticipated a

higher set.